StockMarketWire.com - Mining company Polymetal International said it had formed a joint venture with Rosgeology to carry out exploration in Bashkortostan, Russia.

Polymetal had acquired a 75% stake in a subsidiary of Rosgeology, also known as Rosgeo, for RUB 490m (about $7m).

The venture would be focused on exploration at the Novopetrovskaya property in the south of Bashkortostan to discover pyritic copper-zinc mineralisation.

A mineral resource estimate was expected by 2023 following test drilling.

'We continue to leverage our exploration strategy through joint ventures with dedicated and experienced professionals,' chief executive Vitaly Nesis said.

'Rosgeo is a recognized Russian leader in greenfield exploration, whose previous prospecting works at Novopetrovskaya proved its further exploration potential.'



Story provided by StockMarketWire.com